Introduction to Enterprise and Entrepreneurship Report

INTRODUCTION TO
ENTERPRISE AND
ENTERPRENEURSHIP
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Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Identification of the motivational and behavioural characteristics which are reflected in
'norms' of 'typical' entrepreneurial behaviour sets..................................................................3
Identification of influence and barriers which an entrepreneur faces while considering a start-
up business idea......................................................................................................................4
Identification of methods and models which an entrepreneur may reflect to evaluate their
business idea before entering the market to gain competitive advantage..............................5
TASK 2............................................................................................................................................6
Analyse and argue local business support agencies for entrepreneurs...................................6
TASK 3............................................................................................................................................8
Define the advantages and disadvantages of 'life-world' of entrepreneur .............................8
TASK 4..........................................................................................................................................10
Identify the problems of enterprise practice and implement solutions for developing
intrapreneurship skills .........................................................................................................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13
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INTRODUCTION
Enterprise is a company which manages the activity of managing companies and
business while starting a new business venture. Entrepreneurship is an act and ability of a
person to start a new business venture through which they can create a value and maximize
the profitability of the business. In other words, it is the willingness of a person to start a new
business venture through which they can earn maximum profits and gain competitive
advantages (Acs, Szerb and Lloyd, 2017). Innovation is the generation of new idea or bringing
something new through which the value of the products and services can be enhanced. This
report will define the concepts of enterprise, entrepreneurship and innovation. The report will
also involve local, regional and national sources of business start-up support agencies for an
entrepreneur. The study defines the advantages and disadvantages of the life-world of
entrepreneur and determination of enterprise practice and implementation solutions for
developing intrapreneurship skills.
TASK 1
Identification of the motivational and behavioural characteristics which are reflected in
'norms' of 'typical' entrepreneurial behaviour sets
Behavioural characteristics are different motives, traits, skills and knowledge and this
can be seen in an entrepreneur in which how they can perform the business activities through
which they can gain competitive advantages and maximize the profitability of the business
venture. The behavioural characteristics of an entrepreneur can be defined and reflected in the
approach which is followed by an entrepreneur. The behavioural characteristics of an
entrepreneur can be reflected in their behaviour sets and approaches which are followed by
them in any situation and circumstances which are faced by them while running a new
business venture.
Some of the behavioural characteristics of an entrepreneur which can be reflected in
the entrepreneurial behaviour involves- self-confidence, ability to take risk, long-term
involvement, internal locus of control, low fear of failure, adaptability, feasibility, ability to
analyse and understand the market, innovative and critical thinking (Apostolopoulos and et.al.,
2018). The behavioural characteristics and attribute of an entrepreneur define the ability and
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actions which has been taken by an entrepreneur though which they can bring change and
innovation to the market.
The motivational factors which drives the enthusiasm of an entrepreneur involves
various characteristics through which they can perform the business functions. Some of these
motivational factors which drive the motivation of an entrepreneur are related to making a
difference and bringing something new and innovative to the market (Blackburn, 2016). Other
factors such as personal growth, supporting others for achievement of goals and maximizing
the job satisfaction through which all activities of business can be effectively performed.
Identification of influence and barriers which an entrepreneur faces while considering a start-
up business idea
Barriers are obstacles which affect the smooth functioning and continuity while
performing the managerial activities. There are several barriers faced by an entrepreneur
which influence the function and operations while establishing a new start-up business
venture, some of these barriers are discussed below:
 Lack of financial resources- Due to lack of financial resources and funding, it creates
a barrier for an entrepreneur to effectively perform all managerial activities and this
also creates an obstacle for an entrepreneur to continuously perform the business
activities.
 Lack of planning and poor management- Poor planning and management can hinder
the ability of an entrepreneur to establish a successful entrepreneurial start-up venture
(Blundel, Lockett and Wang, 2017). The inability to manage all business activities
leads to poor management skills of an entrepreneur which creates a barrier for them
while establishing a new start-up venture.
 Poor time management- The inability to plan all activities in timely manner creates
an obstacle for an entrepreneur for performing the activities of business and this
further leads to ineffective and poor organisational performance.
 Lack of market analysis and understanding- The dynamic business environment
and poor skills for understanding and analysing the market also creates a barrier for an
entrepreneur to establish a successful start-up business venture.
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